Principal Financial Group Inc. Lowers Stake in Regal Rexnord Co. (NYSE:RRX)

Principal Financial Group Inc. cut its stake in shares of Regal Rexnord Co. (NYSE:RRX - Free Report) by 1.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 702,402 shares of the company's stock after selling 11,777 shares during the quarter. Principal Financial Group Inc. owned 1.06% of Regal Rexnord worth $116,515,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Headlands Technologies LLC bought a new stake in Regal Rexnord during the second quarter valued at approximately $46,000. UMB Bank n.a. lifted its position in Regal Rexnord by 72.5% during the third quarter. UMB Bank n.a. now owns 345 shares of the company's stock valued at $57,000 after purchasing an additional 145 shares during the last quarter. EntryPoint Capital LLC bought a new stake in Regal Rexnord during the first quarter valued at approximately $68,000. 1620 Investment Advisors Inc. bought a new stake in shares of Regal Rexnord in the 2nd quarter worth approximately $52,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Regal Rexnord by 13.9% in the 2nd quarter. GAMMA Investing LLC now owns 647 shares of the company's stock worth $87,000 after acquiring an additional 79 shares during the last quarter. 99.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. The Goldman Sachs Group boosted their price objective on shares of Regal Rexnord from $176.00 to $195.00 and gave the stock a "buy" rating in a report on Friday, August 2nd. Loop Capital restated a "buy" rating and issued a $200.00 price objective on shares of Regal Rexnord in a report on Thursday, September 19th. KeyCorp reduced their price target on Regal Rexnord from $210.00 to $190.00 and set an "overweight" rating on the stock in a research report on Monday, July 15th. Citigroup assumed coverage on Regal Rexnord in a research note on Monday, October 14th. They issued a "buy" rating and a $200.00 price target on the stock. Finally, StockNews.com raised Regal Rexnord from a "hold" rating to a "buy" rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $193.00.

Regal Rexnord Trading Down 2.2 %

Shares of RRX stock traded down $3.86 during trading hours on Friday, reaching $175.06. The company's stock had a trading volume of 379,157 shares, compared to its average volume of 452,727. The company has a current ratio of 2.45, a quick ratio of 1.38 and a debt-to-equity ratio of 0.87. Regal Rexnord Co. has a one year low of $105.11 and a one year high of $185.28. The stock has a market capitalization of $11.59 billion, a P/E ratio of 55.22, a P/E/G ratio of 1.97 and a beta of 1.04. The firm's fifty day simple moving average is $166.02 and its 200 day simple moving average is $156.53.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its earnings results on Monday, November 4th. The company reported $2.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.01. Regal Rexnord had a return on equity of 9.48% and a net margin of 3.41%. The firm had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.53 billion. During the same period in the previous year, the firm earned $2.10 earnings per share. The business's revenue was down 10.4% compared to the same quarter last year. Equities research analysts expect that Regal Rexnord Co. will post 9.2 EPS for the current year.

Regal Rexnord Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.35 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.80%. Regal Rexnord's dividend payout ratio (DPR) is 44.16%.

About Regal Rexnord

Regal Rexnord Corporation manufactures and sells industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems worldwide. The Industrial Powertrain Solutions segment provides mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes, gear motors, clutches, brakes, special, and industrial powertrain components and solutions for food and beverage, bulk material handling, eCommerce/warehouse distribution, energy, mining, marine, agricultural machinery, turf and garden, and general industrial markets.